Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
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McDonald’s Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Revenue Composition Trends
- Revenues from franchised restaurants have generally increased their share of total revenues over the observed periods, growing from approximately 55.3% in early 2020 to fluctuations around 60-62% in the subsequent years, indicating a stronger reliance on franchised operations. Conversely, sales by company-owned and operated restaurants have declined from nearly 43% to the range of 35-38%, signalling a gradual shift away from direct restaurant operation. Other revenues remain a relatively small portion but have shown some volatility, increasing from around 1.7% to near 2.7% in some recent quarters.
- Expense Structure and Changes
- Franchised restaurants’ occupancy expenses as a percentage of total revenues have exhibited moderate variability but generally remained between -9.5% and -11.7%. Company-owned and operated restaurant expenses showed a decreasing trend, dropping from a high near -38.5% to fluctuations in the low -30% range, reflecting improved cost management or operational efficiencies. Other restaurant expenses constitute a minor percentage but have demonstrated some increase in later periods, at times nearing -2.3%.
- Profitability and Margins
- Gross margin percentages experienced fluctuations but typically ranged from approximately 45.9% up to 58.7%, with a general improvement after mid-2020 and stabilization around the mid to high 50% levels in recent quarters. Operating income margins similarly varied widely, with a notable drop around mid-2022 but generally steadying in the 40-48% range thereafter. Net income margins followed a comparable pattern, fluctuating within roughly 12.9% to 37.7%, with a tendency toward high-20s to low-30s percentages most recently.
- Operating Expenses and Other Income
- Depreciation and amortization remained relatively stable, mostly between -1.4% and -1.9%, without a strong directional trend. Selling, general, and administrative expenses as a percentage of revenues showed volatility, varying from approximately -9.4% to -17.2%, with some periods of reduction over time, suggesting attempts at controlling overhead costs. Nonoperating income and expense showed sporadic positive and negative swings, without a clear persistent pattern, occasionally impacting the income before tax figure notably.
- Income Tax Provision and Interest Expense
- Provision for income taxes as a percentage of revenues fluctuated notably, with some quarters as low as approximately -2.7% and others nearer to -9.4%, reflecting variability in tax expenses relative to revenues. Interest expense percentages remained relatively consistent over time, generally close to -5% to -6%, indicating stable financing costs relative to revenue levels.
- Summary of Financial Performance
- The data points to a shift towards greater dependence on franchised restaurant revenues accompanied by reduction in direct operating expenses from company-owned restaurants, contributing to improved gross margins and maintained operating income despite some volatility. Expense management, particularly in general & administrative costs, appears to be an ongoing focus. The overall profitability, as indicated by net income margins, has experienced fluctuations but remains robust around 30% of revenues in recent periods. Variability in income tax provision and nonoperating items introduce some fluctuations in profitability but do not materially alter the underlying positive trends in core operational performance.